The Real Deal Miami

Condo sales fall 6 percent as 3,900 new South Florida condos remain on market

June 06, 2012 01:30PM

Sales of new condos (those built after 2003) in South Florida fell 6 percent in the first quarter of 2012, as 3,900 new condos still remain on the market, according to a report from Condo Vultures. Buyers spent $320 million in the first three months of this year on 550 condo units in South Florida as the average per-square-foot price of a condo unit rose 9 percent in the same period. “South Florida’s new condo sales pace slowed in the first quarter of 2012 as some buyers resisted the attempts by developers to raise prices in a regional market where financing and unemployment levels are still challenging,” said Peter Zalewski, founder of brokerage and consultancy Condo Vultures. “Contributing to the small — but notable — buyer resistance is the mixed economic news coming from Europe and key Latin American countries such as Argentina, Brazil and Venezuela.” — Alexander Britell